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FEBRUARY 1, 2010 THROUGH FEBRUARY 28, 2010.” HONOLULU BOARD OF REALTORS® • 1136 12TH AVE STE 200 • HONOLULU, HI 96816 • T: 732-3000 • WWW.HICENTRAL.COM
PHOTOGRAPH BY ALICIA CHANG KIM
 Honolulu Board of REALTORS®
MONTHLY STATISTICAL REPORT

TABLE OF CONTENTS

SALES
Year-to-Date (YTD) Residential Resale Statistics For Oahu by Region 1
Number of Residential Resales by Month 2
Residential Property Annual Sales Rate 3
Median Residential Sales Price by Month 4
Median Number of Days on the Market for Residential Properties 5
Monthly and YTD Sales Activity by Neighborhood 6
Condominium Resale Volume and Median Sales Prices by Land Tenure 7
YTD Condominium Resale Statistics and Days on Market by Land Tenure 8
NEW LISTINGS
Number of New Residential Listings by Month 9
Median List Price of New Residential Listings by Month 10
New Listing Activity on Oahu by Neighborhood 11
ACTIVE LISTINGS
Inventory of Active Residential Listings by Month 12
Median Price of Active Residential Listings by Month 13
Availability of Housing on Oahu by Neighborhood 14
Available Condominiums on Oahu by Land Tenure 15
Months of Residential Inventory Remaining by Month 16
Months of Inventory Remaining by Price Range and Area 17
HISTORICAL TRENDS
Number of Residential Property Sales: 1987 – 2009, Monthly 18
Median Sales Prices of Residential Properties: 1987 – 2009, Monthly 19

12/09
 Honolulu Board of REALTORS®
Multiple Listing Service
Statistical Summary of RESALES
YEAR-TO-DATE Through February 28, 2010
NUMBER OF SALES MEDIAN SALES PRICES AVERAGE SALES PRICES
CHANGES Percent Percent
2010 2009 Num Percent 2010 2009 Change 2010 2009 Change

SINGLE-FAMILY HOMES
OVERALL OAHU 324 251 73 29.1% $590,000 $550,000 7.3% $699,009 $677,124 3.2%
Metro Oahu 32 29 3 10.3% $650,000 $585,000 11.1% $656,797 $601,929 9.1%
East Oahu 55 46 9 19.6% $920,000 $892,500 3.1% $1,006,844 $1,103,080 -8.7%
Windward Oahu 62 39 23 59.0% $657,250 $650,000 1.1% $722,016 $841,218 -14.2%
North Shore 10 10 0 0.0% $796,000 $567,600 40.2% $1,004,050 $703,125 42.8%
Leeward Oahu 165 127 38 29.9% $478,000 $495,000 -3.4% $577,452 $487,572 18.4%

CONDOMINIUMS
OVERALL OAHU 471 319 152 47.6% $298,000 $300,000 -0.7% $348,428 $346,395 0.6%
Metro Oahu 264 164 100 61.0% $295,000 $295,000 0.0% $359,132 $366,880 -2.1%
East Oahu 40 29 11 37.9% $445,000 $430,000 3.5% $555,338 $418,017 32.9%
Windward Oahu 21 18 3 16.7% $310,000 $407,500 -23.9% $386,214 $423,883 -8.9%
North Shore 1 0 1 N/A $145,000 $0 N/A $145,000 $0 N/A
Leeward Oahu 145 108 37 34.3% $265,000 $284,000 -6.7% $267,791 $283,151 -5.4%

ALL SALES: 795 570 225 39.5% TOTAL DOLLAR VOLUME OF SALES
SINGLE-FAMILY HOMES CONDOMINIUMS
Percent Percent
2010 2009 Change 2010 2009 Change
TMK Area Designations OVERALL OAHU: $226,478,916 $169,958,124 33.3% $164,109,588 $110,500,005 48.5%
Zone 1 and 2 Metro Oahu $21,017,504 $17,455,941 20.4% $94,810,848 $60,168,320 57.6%
Zone 3 East Oahu $55,376,420 $50,741,680 9.1% $22,213,520 $12,122,493 83.2%
Zone 4 and 5-1 through 5-5 Windward Oahu $44,764,992 $32,807,502 36.4% $8,110,494 $7,629,894 6.3%
Zone 5-6 through 5-9 and 6 North Shore $10,040,500 $7,031,250 42.8% $145,000 $0 N/A
Zone 7 through 9 Leeward Oahu $95,279,580 $61,921,644 53.9% $38,829,695 $30,580,308 27.0%

TOTAL DOLLAR VOLUME: $390,588,504 $280,458,129 39.3%

NOTE: YTD statistics are a monthly "snapshot" of the MLS data from Jan. 1 to the end of the currently reported month.
IMPORTANT: All sales information is shown for the month in which properties were reported sold, after closing
and recordation. The time delay between the signing of a sales contract and clearing of escrow is nominally
between one and three months.

Permission to copy graphs and use data from this copyrighted report is freely granted but full attribution of source is required on all copies and reprints.

SOURCE: Honolulu Board of REALTORS®, compiled from MLS data. March 2, 2010 updated

1
 NUMBER OF RESIDENTIAL PROPERTY SALES
OAHU, HAWAII: 2001 - 2010, Monthly
Number of Sales

800

700

600

500

400

300

200

100

0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Single-Family Condominium

2005 2006 2007 2008 2009 2010

Single- Single- Single- Single- Single- Single-
Month Family Condo Family Condo Family Condo Family Condo Family Condo Family Condo
Jan 333 570 303 504 263 418 228 324 122 159 162 227
Feb 266 525 248 487 272 402 163 321 129 160 157 231
Mar 377 677 392 696 330 541 282 392 188 248
Apr 418 754 332 584 342 527 256 384 189 257
May 366 692 374 605 357 543 252 382 225 263
Jun 440 703 368 641 338 547 232 355 254 293
Jul 418 684 379 498 339 457 251 365 265 327
Aug 455 831 351 580 381 495 255 345 247 351
Sep 448 764 359 481 255 414 215 305 244 345
Oct 412 624 296 425 265 423 243 316 281 381
Nov 366 614 293 421 245 379 170 201 249 407
Dec 315 545 346 458 240 353 194 243 265 349

SOURCE: Honolulu Board of REALTORS® , compiled from MLS data.

2
 OAHU RESIDENTIAL PROPERTY SALES RATE
Annual Unit Sales Rates Based on Prior 12 Months

Annual Number of Sales

12,000

10,000

8,000

6,000

4,000

2,000

01 02 03 04 05 06 07 08 09 10
20 20 20 20 20 20 20 20 20 20

Single-Family Condominium ALL SALES

This chart is designed to more clearly show the general direction of the residential resales
market on Oahu. It eliminates seasonal patterns that make monthly data difficult to read
and interpret. Each point on this chart represents the total sales for the twelve months that
end with the marked month. For example, the data points shown for December 2009
denote the total sales activity for the period January through December 2009. Similarly,
the data points presented for June 2009 are the total sales for the 12-month period
July 2008 through June 2009.

The points on this chart will change direction (i.e., go up or down) each month based on
whether the newest month's sales activity is higher or lower than during the same month in
the prior year. For example, if the sales reported for June 2009 are higher than those
achieved in June 2008, the data points added to the chart for June 2009 will be higher
than the May 2009 points.

SOURCE: Honolulu Board of REALTORS®, compiled from MLS data.

3
 MEDIAN SALES PRICES OF RESIDENTIAL PROPERTIES
OAHU, HAWAII: 2001 - 2010, Monthly

$700,000

$600,000

$500,000

$400,000

$300,000

$200,000

$100,000

$0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Single-Family Condominium

2006 2007 2008 2009 2010

Single- Single- Single- Single- Single-
Month Family Condo Family Condo Family Condo Family Condo Family Condo
Jan $615,000 $295,000 $600,000 $320,000 $600,000 $324,000 $539,500 $305,000 $597,500 $299,000
Feb $613,500 $315,000 $614,500 $320,000 $599,000 $335,000 $555,000 $297,000 $570,000 $298,000
Mar $650,000 $312,000 $643,500 $321,000 $628,000 $329,300 $600,000 $305,000
Apr $615,000 $296,500 $665,000 $325,000 $639,000 $327,000 $585,000 $310,000
May $668,300 $306,000 $650,000 $325,000 $649,500 $337,300 $550,000 $305,000
Jun $639,000 $310,000 $685,000 $334,000 $625,000 $327,500 $569,000 $310,000
Jul $660,000 $329,000 $640,000 $335,000 $620,000 $329,900 $595,000 $312,000
Aug $635,000 $305,000 $650,000 $325,000 $635,000 $328,000 $566,000 $290,000
Sep $620,000 $320,000 $650,000 $335,000 $590,000 $296,000 $600,000 $305,000
Oct $645,000 $310,000 $655,000 $322,500 $625,000 $325,000 $605,000 $295,000
Nov $610,000 $310,000 $610,000 $315,000 $594,500 $316,200 $590,000 $320,000
Dec $613,500 $315,500 $610,000 $320,000 $626,500 $305,000 $550,000 $300,000

SOURCE: Honolulu Board of REALTORS®, compiled from MLS data.

4
 MEDIAN NUMBER OF DAYS ON THE MARKET
Days between Listing Date and Contract Date
OAHU, HAWAII: 2001 - 2010, Monthly
80
Number of Days

70

60

50

40

30

20

10

0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Single-Family Condominium

2005 2006 2007 2008 2009 2010

Single- Single- Single- Single- Single- Single-
Month Family Condo Family Condo Family Condo Family Condo Family Condo Family Condo
Jan 35 37 40 28 60 55 61 42 71 59 43 36
Feb 37 33 42 31 70 59 59 50 69 70 38 55
Mar 26 27 44 30 65 40 47 39 48 47
Apr 19 22 42 32 45 38 43 33 51 66
May 17 15 52 38 42 38 52 41 49 52
Jun 15 16 50 39 41 37 39 40 45 45
Jul 21 13 43 38 37 35 52 42 46 56
Aug 21 14 49 42 44 38 46 48 48 51
Sep 22 16 48 42 45 42 55 51 54 51
Oct 20 16 49 49 41 37 52 53 52 47
Nov 30 19 62 50 53 42 57 68 42 32
Dec 31 23 60 56 51 47 65 53 34 36

SOURCE: Honolulu Board of REALTORS®, compiled from MLS data.

5
 Monthly and Y-T-D Resales Activity by Neighborhood Groups
Comparisons Between February 2010 and 2009
SINGLE-FAMILY HOMES
2010 2009 Month-to-Month 2010 2009 Year-to-Year
Monthly Sales Monthly Sales Percentage Changes YEAR-TO-DATE YEAR-TO-DATE Percentage Changes
Num Median Num Median Number Median Num Median Num Median Number Median
Neighborhood Group Sold Sales Price Sold Sales Price Sold Price Sold Sales Price Sold Sales Price Sold Price
Moanalua-Kalihi 8 $ 553,000 10 $ 477,500 -20.0% 15.8% 18 $ 571,250 16 $ 520,000 12.5% 9.9%
Honolulu 7 $ 731,000 11 $ 690,000 -36.4% 5.9% 14 $ 724,500 13 $ 690,000 7.7% 5.0%
Kapahulu-Diamond Head 7 $ 775,000 4 $ 655,000 75.0% 18.3% 20 $ 807,263 8 $ 577,500 150.0% 39.8%
Waialae-Kahala 6 $ 1,092,500 6 $ 1,242,500 0.0% -12.1% 14 $ 1,250,000 13 $ 1,300,000 7.7% -3.8%
Aina Haina-Kuliouou 3 $ 1,000,000 5 $ 863,000 -40.0% 15.9% 6 $ 872,500 9 $ 875,000 -33.3% -0.3%
Hawaii Kai 9 $ 920,000 8 $ 772,500 12.5% 19.1% 15 $ 820,000 16 $ 755,000 -6.3% 8.6%
Kailua-Waimanalo 15 $ 785,000 12 $ 714,800 25.0% 9.8% 29 $ 775,000 20 $ 714,800 45.0% 8.4%
Kaneohe 10 $ 602,500 4 $ 539,500 150.0% 11.7% 23 $ 630,000 14 $ 609,000 64.3% 3.4%
Windward Coast 3 $ 405,000 3 $ 555,000 0.0% -27.0% 10 $ 452,500 5 $ 435,000 100.0% 4.0%
North Shore 5 $ 820,000 3 $ 575,300 66.7% 42.5% 10 $ 796,000 10 $ 567,600 0.0% 40.2%
Wahiawa 5 $ 410,000 2 $ 430,500 150.0% -4.8% 8 $ 388,250 4 $ 466,800 100.0% -16.8%
Mililani 8 $ 622,500 12 $ 572,500 -33.3% 8.7% 17 $ 600,000 24 $ 585,000 -29.2% 2.6%
Makaha-Nanakuli 10 $ 254,450 6 $ 317,800 66.7% -19.9% 16 $ 309,000 19 $ 350,000 -15.8% -11.7%
Ewa Plain-Kapolei 27 $ 404,000 19 $ 425,000 42.1% -4.9% 59 $ 425,000 38 $ 456,500 55.3% -6.9%
Makakilo 3 $ 728,000 4 $ 560,000 -25.0% 30.0% 7 $ 610,000 7 $ 530,000 0.0% 15.1%
Waipahu 20 $ 546,000 15 $ 510,000 33.3% 7.1% 35 $ 532,000 26 $ 510,000 34.6% 4.3%
Pearl City-Aiea 11 $ 600,000 5 $ 384,000 120.0% 56.3% 23 $ 556,000 9 $ 465,000 155.6% 19.6%

OVERALL OAHU 157 $ 570,000 129 $ 550,000 21.7% 3.6% 324 $ 590,000 251 $ 550,000 29.1% 7.3%

CONDOMINIUMS
2010 2009 Month-to-Month 2010 2009 Year-to-Year
Monthly Sales Monthly Sales Percentage Changes YEAR-TO-DATE YEAR-TO-DATE Percentage Changes
Num Median Num Median Number Median Num Median Num Median Number Median
Neighborhood Group Sold Sales Price Sold Sales Price Sold Price Sold Sales Price Sold Sales Price Sold Price
Moanalua-Salt Lake 16 $ 283,000 9 $ 299,000 77.8% -5.4% 27 $ 265,000 22 $ 299,000 22.7% -11.4%
Kalihi-Palama 8 $ 312,500 3 $ 415,000 166.7% -24.7% 14 $ 327,500 6 $ 397,500 133.3% -17.6%
Downtown-Nuuanu 15 $ 404,000 8 $ 311,000 87.5% 29.9% 31 $ 440,000 19 $ 294,000 63.2% 49.7%
Ala Moana-Kakaako 16 $ 340,000 13 $ 290,000 23.1% 17.2% 42 $ 383,000 23 $ 330,000 82.6% 16.1%
Waikiki 48 $ 286,000 26 $ 317,500 84.6% -9.9% 95 $ 258,000 55 $ 280,000 72.7% -7.9%
Makiki-Moiliili 29 $ 271,000 20 $ 271,500 45.0% -0.2% 55 $ 285,000 39 $ 285,000 41.0% 0.0%
Kapahulu-Kuliouou 10 $ 409,000 5 $ 280,000 100.0% 46.1% 19 $ 385,000 9 $ 295,000 111.1% 30.5%
Hawaii Kai 6 $ 540,500 10 $ 485,000 -40.0% 11.4% 21 $ 498,000 20 $ 455,000 5.0% 9.5%
Kailua-Waimanalo 2 $ 607,500 6 $ 377,500 -66.7% 60.9% 9 $ 305,000 8 $ 382,500 12.5% -20.3%
Kaneohe 8 $ 307,500 4 $ 441,500 100.0% -30.4% 12 $ 315,000 10 $ 407,500 20.0% -22.7%
Windward Coast 0 N/A 0 N/A N/A N/A 0 N/A 0 N/A N/A N/A
North Shore 0 N/A 0 N/A N/A N/A 1 $ 145,000 0 N/A N/A N/A
Wahiawa 2 $ 152,500 0 N/A N/A N/A 2 $ 152,500 2 $ 147,500 0.0% 3.4%
Mililani 7 $ 265,000 16 $ 329,500 -56.3% -19.6% 22 $ 286,500 26 $ 319,000 -15.4% -10.2%
Makaha-Nanakuli 10 $ 90,000 4 $ 117,300 150.0% -23.3% 15 $ 90,000 8 $ 115,000 87.5% -21.7%
Ewa Plain-Kapolei 13 $ 260,000 13 $ 290,000 0.0% -10.3% 31 $ 251,000 18 $ 270,500 72.2% -7.2%
Makakilo 10 $ 249,500 4 $ 211,500 150.0% 18.0% 13 $ 250,000 6 $ 215,000 116.7% 16.3%
Waipahu 17 $ 295,000 8 $ 297,500 112.5% -0.8% 35 $ 280,000 22 $ 311,000 59.1% -10.0%
Pearl City-Aiea 14 $ 262,250 11 $ 229,900 27.3% 14.1% 27 $ 280,000 26 $ 272,500 3.8% 2.8%

OVERALL OAHU 231 $ 298,000 160 $ 297,000 44.4% 0.3% 471 $ 298,000 319 $ 300,000 47.6% -0.7%

NOTE: YTD statistics are a monthly "snapshot" of the MLS data from Jan. 1 to the end of the currently reported month. 9/09
SOURCE: Honolulu Board of REALTORS®, compiled from MLS data.

6
 CONDOMINIUM SALES VOLUME
LEASEHOLD vs FEE SIMPLE, OAHU: 2001 - 2010, Monthly

1,100 100%

1,000 75%

900 50%

800 25%

700 0%

600 -25%

500 -50%

400 -75%

300 -100%

200 -125%

100 -150%

0 -175%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

%-Fee Simple Fee Simple Leasehold

CONDOMINIUM MEDIAN SALES PRICES

LEASEHOLD vs FEE SIMPLE, OAHU: 2001 - 2010, Monthly

$500,000 50%

$450,000 25%

$400,000 0%

$350,000 -25%

$300,000 -50%

$250,000 -75%

$200,000 -100%

$150,000 -125%

$100,000 -150%

$50,000 -175%

$0 -200%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

%-FS Higher Fee Simple Leasehold

SOURCE: Honolulu Board of REALTORS®, compiled from MLS data.

7
 Statistical Summary of CONDOMINIUM RESALES
YEAR-TO-DATE Through February 28, 2010
NUMBER OF SALES MEDIAN SALES PRICE AVERAGE SALES PRICE
CHANGES Percent Percent
2010 2009 Num Percent 2010 2009 Change 2010 2009 Change

FEE SIMPLE CONDOMINIUMS

OVERALL OAHU 423 286 137 47.9% $309,000 $314,800 -1.8% $366,208 $362,560 1.0%

Metro Oahu 230 136 94 69.1% $333,500 $310,000 7.6% $389,784 $400,128 -2.6%
East Oahu 35 24 11 45.8% $450,000 $445,000 1.1% $582,529 $461,063 26.3%
Windward Oahu 19 18 1 5.6% $320,000 $407,500 -21.5% $403,184 $423,833 -4.9%
North Shore 0 0 0 N/A $0 $0 N/A $0 $0 N/A
Leeward Oahu 139 108 31 28.7% $265,000 $284,000 -6.7% $267,840 $283,151 -5.4%

LEASEHOLD CONDOMINIUMS
OVERALL OAHU 48 33 15 45.5% $169,950 $185,000 -8.1% $191,738 $206,297 -7.1%

Metro Oahu 34 28 6 21.4% $147,500 $180,000 -18.1% $152,456 $205,386 -25.8%

East Oahu 5 5 0 0.0% $440,000 $262,000 67.9% $365,000 $211,400 72.7%
Windward Oahu 2 0 2 N/A $225,000 $0 N/A $225,000 $0 N/A
North Shore 1 0 1 N/A $145,000 $0 N/A $145,000 $0 N/A
Leeward Oahu 6 0 6 N/A $202,500 $0 N/A $266,650 $0 N/A

CONDOMINIUM DAYS ON MARKET

between Listing Date and Contract Date
LEASEHOLD vs FEE SIMPLE, OAHU: 2001 - 2010, Monthly
Number of Days Number of Days Leasehold Higher
220 60

200 40

180 20

160 0

140 -20

120 -40

100 -60

80 -80

60 -100

40 -120

20 -140

0 -160
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
#Days LH Higher Fee Simple Leasehold

SOURCE: Honolulu Board of REALTORS®, compiled from MLS data.

8
 NUMBER OF NEW RESIDENTIAL LISTINGS
OAHU, HAWAII: 2001 - 2010, Monthly
Number of New Listings
1,200

1,100

1,000

900

800

700

600

500

400

300

200

100

0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Single-Family Condominium

2005 2006 2007 2008 2009 2010

Single- Single- Single- Single- Single- Single-
Month Family Condo Family Condo Family Condo Family Condo Family Condo Family Condo
Jan 453 771 738 1,072 582 819 651 855 496 674 418 522
Feb 446 672 593 904 557 844 565 787 428 568 380 560
Mar 549 785 622 1,006 604 791 562 782 489 709
Apr 605 874 590 850 626 813 639 858 471 572
May 590 849 688 987 590 783 587 758 409 528
Jun 592 879 691 921 623 790 560 721 449 606
Jul 672 908 642 924 582 791 560 740 449 592
Aug 780 1,081 655 903 622 914 514 622 385 565
Sep 749 968 587 813 542 681 525 629 341 541
Oct 708 981 589 700 547 738 477 646 371 517
Nov 628 1,003 494 672 438 614 359 524 278 425
Dec 441 730 344 468 327 506 325 461 258 381

SOURCE: Honolulu Board of REALTORS®, compiled from MLS data.

9
 MEDIAN LIST PRICES OF NEW RESIDENTIAL LISTINGS
OAHU, HAWAII: 2001 - 2010, Monthly

$700,000

$600,000

$500,000

$400,000

$300,000

$200,000

$100,000

$0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Single-Family Condominium

2006 2007 2008 2009 2010

Single- Single- Single- Single- Single-
Month Family Condo Family Condo Family Condo Family Condo Family Condo
Jan $699,000 $330,000 $698,900 $340,000 $679,000 $355,000 $695,000 $335,000 $687,000 $300,000
Feb $688,000 $350,000 $698,000 $349,000 $675,000 $339,000 $634,500 $329,900 $638,500 $325,000
Mar $699,000 $344,500 $659,500 $350,000 $688,000 $374,500 $675,000 $319,000
Apr $699,500 $345,000 $698,500 $345,000 $695,000 $368,000 $638,000 $318,500
May $720,000 $340,000 $728,000 $359,000 $699,000 $359,000 $659,000 $345,000
Jun $699,000 $349,000 $699,000 $350,000 $709,000 $359,000 $675,000 $314,500
Jul $695,000 $349,700 $699,500 $340,000 $695,000 $333,500 $658,500 $319,500
Aug $689,000 $339,000 $677,700 $349,000 $674,500 $350,000 $649,900 $315,300
Sep $695,000 $340,000 $676,500 $335,000 $649,000 $350,000 $625,000 $308,000
Oct $664,000 $345,000 $689,900 $325,000 $697,800 $348,500 $609,000 $310,000
Nov $689,000 $349,000 $699,000 $347,300 $664,000 $322,500 $649,000 $320,000
Dec $707,500 $322,500 $719,000 $350,000 $655,000 $340,000 $618,500 $318,500

SOURCE: Honolulu Board of REALTORS®, compiled from MLS data.

10
 New Listing Activity by Neighborhood Groups
Comparisons Between February 2010 and 2009
SINGLE-FAMILY HOMES
Same Month Changes Since
Current Month Last Year Last Year
Median Median Median
Neighborhood Group Number List Price Number List Price Number List Price
Moanalua-Kalihi 25 $ 630,000 27 $575,000 -7.4% 9.6%
Honolulu 17 $ 1,050,000 14 $794,000 21.4% 32.2%
Kapahulu-Diamond Head 20 $ 877,500 16 $1,088,500 25.0% -19.4%
Waialae-Kahala 15 $ 1,250,000 14 $1,497,000 7.1% -16.5%
Aina Haina-Kuliouou 5 $ 1,650,000 9 $980,000 -44.4% 68.4%
Hawaii Kai 26 $ 986,500 31 $1,100,000 -16.1% -10.3%
Kailua-Waimanalo 33 $ 749,000 47 $799,000 -29.8% -6.3%
Kaneohe 29 $ 699,000 28 $707,000 3.6% -1.1%
Windward Coast 11 $ 638,000 20 $727,500 -45.0% -12.3%
North Shore 16 $ 924,000 24 $687,000 -33.3% 34.5%
Wahiawa 13 $ 498,000 9 $599,000 44.4% -16.9%
Mililani 17 $ 549,000 40 $627,500 -57.5% -12.5%
Makaha-Nanakuli 29 $ 359,900 25 $299,900 16.0% 20.0%
Ewa Plain 57 $ 425,000 59 $475,000 -3.4% -10.5%
Makakilo 16 $ 624,500 18 $549,000 -11.1% 13.8%
Waipahu 34 $ 537,500 26 $497,500 30.8% 8.0%
Pearl City-Aiea 17 $ 564,000 21 $607,000 -19.0% -7.1%
OVERALL OAHU 380 $638,500 428 $634,500 -11.2% 0.6%

CONDOMINIUMS
Same Month Changes Since
Current Month Last Year Last Year
Median Median Median
Neighborhood Group Number List Price Number List Price Number List Price
Moanalua-Salt Lake 20 $ 259,000 24 $337,500 -16.7% -23.3%
Kalihi-Palama 6 $ 337,000 13 $308,000 -53.8% 9.4%
Downtown-Nuuanu 48 $ 397,000 47 $309,000 2.1% 28.5%
Ala Moana-Kakaako 46 $ 367,000 55 $410,000 -16.4% -10.5%
Waikiki 117 $ 339,000 119 $310,000 -1.7% 9.4%
Makiki-Moiliili 75 $ 310,000 58 $332,500 29.3% -6.8%
Kapahulu-Kuliouou 27 $ 525,000 17 $498,000 58.8% 5.4%
Hawaii Kai 22 $ 547,500 32 $607,500 -31.3% -9.9%
Kailua-Waimanalo 11 $ 445,000 13 $395,000 -15.4% 12.7%
Kaneohe 18 $ 437,000 27 $417,000 -33.3% 4.8%
Windward Coast 4 $ 234,500 4 $362,500 0.0% -35.3%
North Shore 10 $ 318,000 9 $299,000 11.1% 6.4%
Wahiawa 7 $ 139,999 5 $165,000 40.0% -15.2%
Mililani 22 $ 292,500 33 $315,000 -33.3% -7.1%
Makaha-Nanakuli 10 $ 178,000 18 $155,000 -44.4% 14.8%
Ewa Plain 33 $ 305,000 25 $275,000 32.0% 10.9%
Makakilo 11 $ 235,000 13 $310,000 -15.4% -24.2%
Waipahu 33 $ 270,000 24 $274,300 37.5% -1.6%
Pearl City-Aiea 40 $ 290,000 32 $297,000 25.0% -2.4%
OVERALL OAHU 560 $325,000 568 $ 329,900 -1.4% -1.5%
SOURCE: Honolulu Board of REALTORS®, compiled from MLS data.

11
 INVENTORY OF ACTIVE RESIDENTIAL LISTINGS
OAHU, HAWAII: 2001 - 2010, Monthly
Number of Active Listings
3,000

2,500

2,000

1,500

1,000

500

0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Single-Family Condominium

2005 2006 2007 2008 2009 2010

Single- Single- Single- Single- Single- Single-
Month Family Condo Family Condo Family Condo Family Condo Family Condo Family Condo
Jan 961 1,378 1,578 2,125 1,747 2,288 1,876 2,349 1,903 2,494 1,202 1,638
Feb 858 1,202 1,619 2,209 1,717 2,294 1,924 2,476 1,928 2,507 1,221 1,693
Mar 847 1,029 1,642 2,248 1,714 2,238 1,919 2,581 1,901 2,582
Apr 814 940 1,644 2,278 1,726 2,301 1,955 2,629 1,822 2,514
May 854 935 1,722 2,413 1,805 2,238 2,043 2,717 1,739 2,438
Jun 879 988 1,836 2,582 1,806 2,275 2,080 2,687 1,700 2,381
Jul 958 1,001 1,885 2,634 1,818 2,315 2,087 2,753 1,653 2,279
Aug 1,060 1,097 1,937 2,707 1,859 2,386 2,119 2,743 1,624 2,140
Sep 1,205 1,296 2,005 2,750 1,936 2,426 2,069 2,649 1,289 1,864
Oct 1,321 1,483 2,026 2,689 1,973 2,444 2,107 2,663 1,282 1,828
Nov 1,477 1,737 2,052 2,679 1,952 2,442 2,096 2,655 1,199 1,749
Dec 1,542 1,961 1,846 2,448 1,874 2,346 2,033 2,634 1,100 1,588

SOURCE: Honolulu Board of REALTORS®, compiled from MLS data.

12
 MEDIAN LIST PRICES OF THE ACTIVE INVENTORY
OAHU, HAWAII: 2001 - 2010, Monthly
$900,000

$800,000

$700,000

$600,000

$500,000

$400,000

$300,000

$200,000

$100,000

$0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Single-Family Condominium

2006 2007 2008 2009 2010

Single- Single- Single- Single- Single-
Month Family Condo Family Condo Family Condo Family Condo Family Condo
Jan $780,000 $349,800 $740,000 $350,000 $745,000 $341,500 $699,000 $339,000 $725,000 $299,000
Feb $775,000 $350,000 $759,000 $350,000 $720,000 $345,000 $699,000 $340,000 $699,000 $300,000
Mar $759,000 $365,000 $749,900 $350,000 $725,000 $349,000 $715,000 $330,000
Apr $775,000 $369,000 $739,300 $350,000 $725,000 $348,000 $725,000 $329,000
May $775,000 $365,000 $739,900 $355,000 $725,000 $349,900 $725,000 $322,000
Jun $790,000 $364,300 $738,500 $359,000 $726,500 $349,000 $732,000 $325,000
Jul $778,000 $360,000 $749,000 $359,000 $715,000 $348,000 $735,000 $319,000
Aug $770,000 $359,900 $750,000 $355,000 $725,000 $349,000 $749,000 $320,000
Sep $759,000 $355,000 $749,000 $349,900 $699,000 $342,000 $679,000 $299,000
Oct $739,000 $350,000 $749,000 $345,000 $695,000 $343,000 $699,000 $299,900
Nov $739,000 $354,000 $749,000 $338,900 $695,000 $340,000 $707,000 $299,000
Dec $749,000 $350,000 $749,000 $345,000 $699,000 $339,000 $712,500 $299,725

SOURCE: Honolulu Board of REALTORS®, compiled from MLS data.

13
 Availability of Housing on Oahu
Comparisons Between February 2010 and 2009

SINGLE-FAMILY HOMES
Changes Since Same Month Changes Since
Current Month Last Month Last Month Last Year Last Year
Number Median Number Median Number Number Median Number
Neighborhood Group Active List Price Active List Price Active MLP Active List Price Active MLP
Moanalua-Kalihi 74 $ 594,000 73 $ 599,000 1.4% -0.8% 87 $649,900 -14.9% -8.6%
Honolulu 72 $ 967,500 77 $ 950,000 -6.5% 1.8% 98 $896,500 -26.5% 7.9%
Kapahulu-Diamond Head 69 $ 1,095,000 70 $ 1,149,000 -1.4% -4.7% 129 $999,000 -46.5% 9.6%
Waialae-Kahala 58 $ 2,595,000 54 $ 2,795,000 7.4% -7.2% 82 $1,996,500 -29.3% 30.0%
Aina Haina-Kuliouou 30 $ 2,987,500 33 $ 2,895,000 -9.1% 3.2% 55 $2,288,900 -45.5% 30.5%
Hawaii Kai 82 $ 1,395,000 79 $ 1,395,000 3.8% 0.0% 125 $1,190,000 -34.4% 17.2%
Kailua-Waimanalo 106 $ 937,000 98 $ 1,172,500 8.2% -20.1% 172 $985,000 -38.4% -4.9%
Kaneohe 79 $ 799,000 69 $ 849,000 14.5% -5.9% 93 $729,000 -15.1% 9.6%
Windward Coast 77 $ 749,000 77 $ 798,200 0.0% -6.2% 78 $712,000 -1.3% 5.2%
North Shore 81 $ 949,000 85 $ 998,500 -4.7% -5.0% 132 $1,275,000 -38.6% -25.6%
Wahiawa 33 $ 499,000 26 $ 497,000 26.9% 0.4% 36 $562,000 -8.3% -11.2%
Mililani 36 $ 607,450 38 $ 620,000 -5.3% -2.0% 94 $630,000 -61.7% -3.6%
Makaha-Nanakuli 116 $ 399,000 108 $ 392,000 7.4% 1.8% 183 $350,000 -36.6% 14.0%
Ewa Plain 131 $ 449,000 148 $ 449,450 -11.5% -0.1% 297 $498,500 -55.9% -9.9%
Makakilo 49 $ 549,000 42 $ 534,250 16.7% 2.8% 76 $550,000 -35.5% -0.2%
Waipahu 84 $ 559,000 82 $ 549,950 2.4% 1.6% 103 $575,000 -18.4% -2.8%
Pearl City-Aiea 44 $ 649,5000 43 $ 675,000 2.3% -3.8% 88 $651,500 -50.0% -0.3%
OVERALL OAHU 1,221 $699,000 1,202 $725,000 1.6% -3.6% 1,928 $699,000 -36.7% 0.0%

CONDOMINIUMS
Changes Since Same Month Changes Since
Current Month Last Month Last Month Last Year Last Year
Number Median Number Median Number Number Median Number
Neighborhood Group Active List Price Active List Price Active MLP Active List Price Active MLP
Moanalua-Salt Lake 44 $ 232,000 44 $ 235,000 0.0% -1.3% 61 $305,000 -27.9% -23.9%
Kalihi-Palama 25 $ 279,000 31 $ 299,000 -19.4% -6.7% 50 $354,500 -50.0% -21.3%
Downtown-Nuuanu 117 $ 469,000 110 $ 477,000 6.4% -1.7% 198 $536,900 -40.9% -12.6%
Ala Moana-Kakaako 173 $ 389,000 173 $ 399,000 0.0% -2.5% 307 $475,000 -43.6% -18.1%
Waikiki 487 $ 300,000 496 $ 299,000 -1.8% 0.3% 645 $318,000 -24.5% -5.7%
Makiki-Moiliili 174 $ 315,250 152 $ 298,944 14.5% 5.5% 203 $339,000 -14.3% -7.0%
Kapahulu-Kuliouou 84 $ 559,000 78 $ 577,000 7.7% -3.1% 115 $469,000 -27.0% 19.2%
Hawaii Kai 42 $ 604,500 37 $ 627,000 13.5% -3.6% 114 $587,500 -63.2% 2.9%
Kailua-Waimanalo 26 $ 525,000 24 $ 520,000 8.3% 1.0% 30 $415,000 -13.3% 26.5%
Kaneohe 43 $ 399,000 42 $ 348,000 2.4% 14.7% 82 $409,500 -47.6% -2.6%
Windward Coast 23 $ 240,000 20 $ 234,500 15.0% 2.3% 16 $305,400 43.8% -21.4%
North Shore 41 $ 425,000 41 $ 489,000 0.0% -13.1% 53 $360,000 -22.6% 18.1%
Wahiawa 15 $ 139,999 10 $ 144,450 50.0% -3.1% 24 $179,500 -37.5% -22.0%
Mililani 57 $ 259,000 55 $ 265,000 3.6% -2.3% 101 $299,000 -43.6% -13.4%
Makaha-Nanakuli 67 $ 140,000 72 $ 124,950 -6.9% 12.0% 122 $171,000 -45.1% -18.1%
Ewa Plain 79 $ 315,000 73 $ 307,900 8.2% 2.3% 164 $312,500 -51.8% 0.8%
Makakilo 31 $ 280,000 31 $ 280,000 0.0% 0.0% 51 $295,000 -39.2% -5.1%
Waipahu 75 $ 269,000 70 $ 270,000 7.1% -0.4% 65 $279,900 15.4% -3.9%
Pearl City-Aiea 90 $ 265,000 79 $ 270,000 13.9% -1.9% 106 $287,500 -15.1% -7.8%
OVERALL OAHU 1,693 $300,000 1,638 $299,000 3.4% 0.3% 2,507 $340,000 -32.5% -11.8%

SOURCE: Honolulu Board of REALTORS®, compiled from MLS data.

14
 Available Condominiums on Oahu by Land Tenure
Comparisons Between February 2010 and 2009
FEE SIMPLE CONDOMINIUMS
Current Month Same Month Last Year Changes from Last Year
Number Median Percent of Number Median Percent of Number Tenure
Neighborhood Group Active Inventory Active List Price Inventory Active MLP Percent
Moanalua-Salt Lake 29 $ 260,000 65.9% 59 $ 312,000 96.7% -50.8% -16.7% -30.8%
Kalihi-Palama 25 $ 279,000 100.0% 49 $ 359,000 98.0% -49.0% -22.3% 2.0%
Downtown-Nuuanu 90 $ 539,500 76.9% 165 $ 599,000 83.3% -45.5% -9.9% -6.4%
Ala Moana-Kakaako 159 $ 399,000 91.9% 287 $ 520,000 93.5% -44.6% -23.3% -1.6%
Waikiki 346 $ 355,000 71.0% 455 $ 380,000 70.5% -24.0% -6.6% 0.5%
Makiki-Moiliili 123 $ 330,000 70.7% 160 $ 360,000 78.8% -23.1% -8.3% -8.1%
Kapahulu-Kuliouou 53 $ 915,000 63.1% 70 $ 714,000 60.9% -24.3% 28.2% 2.2%
Hawaii Kai 38 $ 620,000 90.5% 112 $ 592,500 98.2% -66.1% 4.6% -7.8%
Kailua-Waimanalo 24 $ 530,000 92.3% 28 $ 408,500 93.3% -14.3% 29.7% -1.0%
Kaneohe 42 $ 402,000 97.7% 72 $ 418,000 87.8% -41.7% -3.8% 9.9%
Windward Coast 23 $ 240,000 100.0% 14 $ 315,400 87.5% 64.3% -23.9% 12.5%
North Shore 28 $ 479,000 68.3% 34 $ 486,500 64.2% -17.6% -1.5% 4.1%
Wahiawa 9 $ 225,000 60.0% 21 $ 180,000 87.5% -57.1% 25.0% -27.5%
Mililani 57 $ 259,000 100.0% 99 $ 299,000 98.0% -42.4% -13.4% 2.0%
Makaha-Nanakuli 60 $ 132,250 89.6% 110 $ 169,500 90.2% -45.5% -22.0% -0.6%
Ewa Plain 79 $ 315,000 100.0% 164 $ 312,500 100.0% -51.8% 0.8% 0.0%
Makakilo 31 $ 280,000 100.0% 50 $ 295,000 98.0% -38.0% -5.1% 2.0%
Waipahu 73 $ 270,000 97.3% 64 $ 280,000 98.5% 14.1% -3.6% -1.1%
Pearl City-Aiea 78 $ 279,450 86.7% 96 $ 298,500 90.6% -18.8% -6.4% -3.9%
All FEE SIMPLE 1,367 $328,750 80.7% 2,109 $ 369,000 84.1% -35.2% -10.9% -3.4%

LEASEHOLD CONDOMINIUMS
Current Month Same Month Last Year Changes from Last Year
Number Median Percent of Number Median Percent of Number Tenure
Neighborhood Group Active List Price Inventory Active List Price Inventory Active MLP Percent
Moanalua-Salt Lake 15 $ 145,888 34.1% 2 $ 158,000 3.3% 650.0% -7.7% 30.8%
Kalihi-Palama 0 $ - 0.0% 1 $ 185,000 2.0% -100.0% -100.0% -2.0%
Downtown-Nuuanu 27 $ 160,000 23.1% 33 $ 229,000 16.7% -18.2% -30.1% 6.4%
Ala Moana-Kakaako 14 $ 226,500 8.1% 20 $ 180,500 6.5% -30.0% 25.5% 1.6%
Waikiki 141 $ 200,000 29.0% 190 $ 196,000 29.5% -25.8% 2.0% -0.5%
Makiki-Moiliili 51 $ 280,000 29.3% 43 $ 260,000 21.2% 18.6% 7.7% 8.1%
Kapahulu-Kuliouou 31 $ 255,000 36.9% 45 $ 299,000 39.1% -31.1% -14.7% -2.2%
Hawaii Kai 4 $ 367,500 9.5% 2 $ 341,500 1.8% 100.0% 7.6% 7.8%
Kailua-Waimanalo 2 $ 247,500 7.7% 2 $ 742,000 6.7% 0.0% -66.6% 1.0%
Kaneohe 1 $ 250,000 2.3% 10 $ 254,500 12.2% -90.0% -1.8% -9.9%
Windward Coast 0 $ - 0.0% 2 $ 132,000 12.5% -100.0% -100.0% -12.5%
North Shore 13 $ 349,000 31.7% 19 $ 303,000 35.8% -31.6% 15.2% -4.1%
Wahiawa 6 $ 119,750 40.0% 3 $ 170,000 12.5% 100.0% -29.6% 27.5%
Mililani 0 $ - 0.0% 2 $ 197,000 2.0% -100.0% -100.0% -2.0%
Makaha-Nanakuli 7 $ 329,000 10.4% 12 $ 335,000 9.8% -41.7% -1.8% 0.6%
Ewa Plain 0 $ - 0.0% 0 $ - 0.0% N/A N/A 0.0%
Makakilo 0 $ - 0.0% 1 $ 249,900 2.0% -100.0% -100.0% -2.0%
Waipahu 2 $ 178,500 2.7% 1 $ 160,000 1.5% 100.0% 11.6% 1.1%
Pearl City-Aiea 12 $ 167,500 13.3% 10 $ 149,500 9.4% 20.0% 12.0% 3.9%
All LEASEHOLD 326 $219,000 19.3% 398 $ 229,000 15.9% -18.1% -4.4% 3.4%

SOURCE: Honolulu Board of REALTORS®, compiled from MLS data.

15
 MONTHS OF INVENTORY REMAINING
OAHU, HAWAII: 2001 - 2010, Monthly
Number of Months
17.5

15.0

12.5

10.0

7.5

5.0

2.5

0.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Single-Family Condominium

2004 2005 2006 2007 2008 2009 2010

Month SF CO SF CO SF CO SF CO SF CO SF CO SF CO
Jan 2.3 2.1 2.3 2.0 5.0 3.9 5.0 5.0 7.8 6.7 9.8 10.3 7.4 7.2
Feb 2.4 2.1 2.6 2.1 5.3 4.4 6.5 5.5 8.4 7.6 15.8 15.8 7.8 7.3
Mar 2.7 2.3 3.2 2.0 6.6 4.6 6.3 5.6 11.8 8.0 14.7 16.1
Apr 2.3 1.7 2.2 1.4 4.2 3.3 5.2 4.3 6.9 6.7 9.7 10.1
May 2.4 1.8 2.0 1.2 5.2 4.1 5.3 4.2 8.0 7.1 9.2 9.5
Jun 2.6 2.0 2.4 1.4 4.9 4.3 5.1 4.2 8.3 7.0 7.6 9.1
Jul 2.6 2.4 2.2 1.4 5.1 4.1 5.4 4.2 9.0 7.8 6.5 7.8
Aug 2.5 2.1 2.5 1.6 5.1 5.4 5.5 5.2 8.4 7.5 6.1 6.5
Sep 2.9 2.3 2.6 1.6 5.7 4.7 5.1 4.9 8.1 7.7 5.3 5.4
Oct 2.9 2.5 2.9 1.9 5.6 5.6 7.7 5.9 9.8 8.7 4.6 4.8
Nov 2.6 2.5 3.6 2.8 6.9 6.3 7.4 5.8 8.6 8.4 4.8 4.3
Dec 2.8 2.4 4.2 3.2 6.3 5.8 7.6 6.2 12.0 13.1 4.2 4.6

SOURCE: Honolulu Board of REALTORS®, compiled from MLS data.

16
 Months of Inventory Remaining
by Price Ranges and Areas
Comparisons Between February 2010 and 2009
SINGLE-FAMILY HOMES
Current Month Same Month Last Year Year-to-Year
Number of Number of Change in
Sales Inventory Months Sales Inventory Months Number of Months
Price Ranges (000)
Less Than $200 3 7 2.3 1 18 18.0 -15.7
$200 - 299 8 37 4.6 4 70 17.5 -12.9
$300 - 399 16 97 6.1 10 134 13.4 -7.3
$400 - 499 28 173 6.2 28 251 9.0 -2.8
$500 - 699 52 303 5.8 46 509 11.1 -5.3
$700 - 999 31 241 7.8 20 405 20.3 -12.5
More Than $1,000 19 363 19.1 13 541 41.6 -22.5
Areas
Metro Oahu 15 146 9.7 8 185 23.1 -13.4
East Oahu 25 239 9.6 23 391 17.0 -7.4
Windward Oahu 28 262 9.4 20 343 17.2 -7.8
North Shore 5 81 16.2 7 132 18.9 -2.7
Leeward Oahu 84 493 5.9 64 877 13.7 -7.8

All Single Family 157 1,221 7.8 122 1,928 15.8 -8.0

CONDOMINIUMS
Current Month Same Month Last Year Year-to-Year
Number of Number of Change in
Sales Inventory Months Sales Inventory Months Number of Months
Price Ranges (000)
Less Than $100 18 88 4.9 6 54 9.0 -4.1
$100 -149 11 133 12.1 11 124 11.3 0.8
$150 - 199 21 210 10.0 17 329 19.4 -9.4
$200 - 249 27 181 6.7 17 249 14.6 -7.9
$250 - 299 39 229 5.9 24 326 13.6 -7.7
$300 - 499 86 464 5.4 68 767 11.3 -5.9
More Than $500 29 388 13.4 16 658 41.1 -27.7
Areas
Metro Oahu 132 1,020 7.7 85 1,464 17.2 -9.5
East Oahu 16 126 7.9 14 229 16.4 -8.5
Windward Oahu 10 92 9.2 8 128 16.0 -6.8
North Shore 0 41 N/A 0 53 N/A N/A
Leeward Oahu 73 414 5.7 52 633 12.2 -6.5

All Condominiums 231 1,693 7.3 159 2,507 15.8 -8.5

NOTE: Table is constructed using the month-end inventory and same month sales.
SOURCE: Honolulu Board of REALTORS®, compiled from MLS data.
17
 Number of Residential Property Sales
Oahu, Hawaii: 1987 - 2010, Monthly
Number of Sales

800

700

600

500

400

300

200

100

0
1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Single-Family Condominium
12 per. Mov. Avg. (Condominium) 12 per. Mov. Avg. (Single-Family)

SOURCE: Honolulu Board of REALTORS® , compiled from MLS data.

18
 Median Sales Prices of Residential Properties
Oahu, Hawaii: 1987 - 2010, Monthly

$700,000

$600,000

$500,000

$400,000

$300,000

$200,000

$100,000

$0
1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Single-Family Condominium
12 per. Mov. Avg. (Single-Family) 12 per. Mov. Avg. (Condominium)

SOURCE: Honolulu Board of REALTORS®, compiled from MLS data.

19